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You are here: Home / Australian Dollar / Sterling continues its rally against the Australian Dollar

Sterling continues its rally against the Australian Dollar

August 24, 2016 by Rob Lloyd

Sterling continues its rally against the Australian Dollar

GBPAUD exchange rates to hit 1.75?

aud-downIn my last GBPAUD report, I predicted GBPAUD exchange rates could hit 1.75 in the weeks ahead. Current levels of 1.741 will not likely remain with further spikes after the UK’s GDP estimates for Q2 on Friday.

Sterling has rallied against most major currencies this week, with little economic releases much of the movement remains focused around last week’s positive retail sales and inflationary releases. Whilst mortgage approvals are down since the Brexit vote their remains a sense of optimism amongst investors.

Will the trend continue? It’s likely that Sterling could find further support on Friday, with its GDP estimates for Q2. Given the huge success of last week’s retail sales I am expecting a positive result for the UK on Friday. I am therefore expecting GBPAUD to hit ranges of 1.75 by the end of the week.

Could GBPAUD exchange rates hit 1.80?

Whilst I remain positive for Sterling in the short term, I would err on the side of caution as we approach the latter part of the year. Much of the current levels fall on the UK’s “limbo” status with Article 50 yet to be invoked. Once government publicly announces when it plans to trigger Article 50, I am expecting Sterling to fall significantly against most of its counterparts.

Sources are mixed, but it looks as though Article 50 could begin anywhere from March/April to late 2017, therefore an announcement could take place anytime soon. If you are need to buy Aussie Dollars in the near future, waiting until after the GDP estimates on Friday could be a strong option.

Filed Under: Australian Dollar Tagged With: Brexit, Gross Domestic Product (GDP), Pound strength

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

About Rob Lloyd

Robert brings with him a wealth of knowledge on what is impacting exchange rates, especially around the subject of the EU Referendum and the implications for Sterling and Euro exchange rates.

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